DICK'S Sporting Goods Inc (DKS) 2023 Q1 法說會逐字稿

Good morning, everyone, and welcome to the Q1 2023 DICK'S Sporting Goods Earnings Conference Call. My name is Xannon, and I will be coordinating your call today. (Operator Instructions)

大家早上好，歡迎參加 2023 年第一季度 DICK'S 體育用品收益電話會議。我叫 Xannon，今天我將負責協調您的來電。 （操作員說明）

I will now hand you over to your host, Nate Gilch, Senior Director of Investor Relations. Nate, please go ahead.

我現在將把你們交給你們的主持人，投資者關係高級總監 Nate Gilch。內特，請繼續。

Good morning, everyone, and thank you for joining us to discuss our first quarter 2023 results. On today's call will be Lauren Hobart, our President and Chief Executive Officer; and Navdeep Gupta, our Chief Financial Officer. A playback of today's call will be archived in our Investor Relations website located at investors.dicks.com for approximately 12 months.

大家早上好，感謝您加入我們討論我們 2023 年第一季度的業績。我們的總裁兼首席執行官 Lauren Hobart 將出席今天的電話會議；和我們的首席財務官 Navdeep Gupta。今天電話會議的回放將在我們位於 investors.dicks.com 的投資者關係網站上存檔大約 12 個月。

As a reminder, we will be making forward-looking statements which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factor discussions in our filings with the SEC, including our last annual report on Form 10-K and cautionary statements made during this call. We assume no obligation to update any of these forward-looking statements or information.

提醒一下，我們將做出前瞻性陳述，這些陳述受到各種風險和不確定性的影響，這些風險和不確定性可能導致我們的實際結果與這些陳述存在重大差異。任何此類聲明都應與我們的收益發布中的警告聲明和我們向美國證券交易委員會提交的文件中的風險因素討論一起考慮，包括我們關於 10-K 表格的上一份年度報告和本次電話會議期間做出的警告聲明。我們不承擔更新任何這些前瞻性陳述或信息的義務。

Please refer to our Investor Relations website to find a reconciliation of our non-GAAP financial measures referenced in today's call.

請參閱我們的投資者關係網站，以查找我們在今天的電話會議中引用的非 GAAP 財務措施的對賬。

And finally, for your future scheduling purposes, we are tentatively planning to publish our second quarter 2023 earnings results on August 22, 2023.

最後，為了您未來的日程安排，我們暫定於 2023 年 8 月 22 日發布 2023 年第二季度的收益結果。

With that, I will now turn the call over to Lauren.

有了這個，我現在將把電話轉給勞倫。

Thank you, Nate, and good morning, everyone. We are very pleased with our first quarter results which demonstrate the continued strength of our business resulting from our focused strategies and the strong execution of our long-term transformation. While consumers face macroeconomic uncertainties, our athletes have continued to prioritize sport and rely on DICK'S to meet their needs. In fact, compared to the same period last year, more athletes purchased from us. They purchased more frequently and they spent more each trip. Our strategies are working and resonating with our athletes.

謝謝你，內特，大家早上好。我們對第一季度的業績感到非常滿意，這表明我們的業務持續強勁，得益於我們專注的戰略和長期轉型的有力執行。雖然消費者面臨宏觀經濟的不確定性，但我們的運動員繼續優先考慮運動並依靠 DICK'S 來滿足他們的需求。事實上，與去年同期相比，向我們購買的運動員更多。他們購買的頻率更高，每次旅行的花費也更多。我們的策略正在與我們的運動員產生共鳴。

We remain enthusiastic about our business and our long-term growth plan. As the largest U.S. sporting goods retailer, we have robust runway for growth and are well positioned to continue gaining share in a fragmented $140 billion industry. We will build on our 2022 results, which set a new bar for us in both sales and profitability and provide an excellent foundation for growth this year and in the years ahead.

我們仍然對我們的業務和我們的長期增長計劃充滿熱情。作為美國最大的體育用品零售商，我們擁有強勁的增長跑道，並有能力繼續在價值 1400 億美元的零散行業中獲得份額。我們將以 2022 年的業績為基礎，這為我們的銷售額和盈利能力設定了新的標準，並為今年和未來幾年的增長奠定了良好的基礎。

Today, we are reaffirming our guidance for 2023. We continue to expect our comparable store sales to be in the range of flat to positive 2%. We also continue to expect our earnings per diluted share to be in the range of $12.90 to $13.80, up 11% at the midpoint versus 2022.

今天，我們重申我們對 2023 年的指導。我們繼續預計我們的可比店面銷售額將在持平到正 2% 的範圍內。我們還繼續預計我們的攤薄後每股收益將在 12.90 美元至 13.80 美元之間，與 2022 年相比增長 11%。

Now to our results. We achieved Q1 sales of $2.84 billion with total sales growth of 5.3% and comp growth of 3.4% as our compelling spring assortment allowed us to meet robust demand and deliver a fantastic athlete experience. We continue to gain market share and saw increases in both transactions and average ticket with strong transaction growth driving most of our comp gain.

現在我們的結果。我們在第一季度實現了 28.4 億美元的銷售額，總銷售額增長了 5.3%，銷售額增長了 3.4%，因為我們引人注目的春季產品系列使我們能夠滿足強勁的需求並提供出色的運動員體驗。我們繼續獲得市場份額，交易量和平均票價都有所增加，交易量的強勁增長推動了我們大部分的收入增長。

Our gross margin represented a meaningful improvement from Q4 of 2022, and we delivered strong double-digit EBT margin of 11.6%. Our earnings per diluted share were $3.40, an increase of 19% over the prior year's quarter on a non-GAAP basis.

與 2022 年第四季度相比，我們的毛利率有了顯著改善，我們實現了強勁的兩位數 EBT 利潤率 11.6%。按非公認會計原則計算，我們的每股攤薄收益為 3.40 美元，比去年同期增長 19%。

As we continue our transformational journey, our focus is centered around 4 key priorities: innovating within the athlete experience, curating a compelling and differentiated product assortment, providing a best-in-class teammate experience and driving deep engagement with the DICK'S brand.

隨著我們繼續我們的轉型之旅，我們的重點圍繞 4 個關鍵優先事項：在運動員體驗中進行創新，策劃引人注目且差異化的產品分類，提供一流的隊友體驗以及推動與 DICK'S 品牌的深度互動。

Innovating within our omnichannel athlete experience is at the heart of our growth strategies, and we continue to enhance and refine our highly engaging in-store service model to consistently support and inspire our athletes. The very best expression of this is DICK'S House of Sport. House of Sport is redefining sports retail and over the long term will be a significant part of our growth story and the primary driver of our square footage growth. House of Sport is fostering very strong engagement with both our athletes and our brand partners, all while delivering much higher sales and profit.

在我們的全渠道運動員體驗中進行創新是我們發展戰略的核心，我們將繼續加強和完善我們高度參與的店內服務模式，以始終如一地支持和激勵我們的運動員。最好的表達方式就是 DICK'S House of Sport。 House of Sport 正在重新定義體育零售，從長遠來看，這將是我們增長故事的重要組成部分，也是我們面積增長的主要驅動力。 House of Sport 正在促進與我們的運動員和我們的品牌合作夥伴的緊密聯繫，同時帶來更高的銷售額和利潤。

This year, we're on track to open 9 House of Sport locations ahead of the back-to-school season and are beginning construction on more than 10 additional locations that will open throughout 2024. By the end of 2027, we continue to estimate that we will have between 75 to 100 House of Sport locations nationwide.

今年，我們有望在開學季前開設 9 個體育館，並開始建設 10 多個將在 2024 年全年開放的體育館。到 2027 年底，我們繼續估計我們將在全國范圍內擁有 75 到 100 個體育之家。

Furthermore, we're excited to provide a completely redesigned and reimagined experience for our athletes through our next-generation DICK'S store translated into our more traditional 50,000-square-foot format. This prototype is a great representation of key athlete insights that we've gained from House of Sport, including premium experiences, an elevated service model and enhanced visual expression. Our first location opened last week in South Bend, Indiana. We are really excited about this opportunity and look forward to continuing to develop and learn from this new store format.

此外，我們很高興通過我們的下一代 DICK'S 商店為我們的運動員提供完全重新設計和重新構想的體驗，該商店轉化為我們更傳統的 50,000 平方英尺格式。這個原型很好地體現了我們從 House of Sport 獲得的關鍵運動員洞察力，包括優質體驗、提升的服務模式和增強的視覺表達。我們的第一個地點上週在印第安納州南本德開業。我們對這個機會感到非常興奮，並期待繼續發展和學習這種新的商店模式。

In combination with our stores, our digital experience remains an integral part of our success, and we continue to invest in technology to strengthen our athletes' omnichannel experience. Recent enhancements are being well received by our athletes, including easier access to ScoreCard rewards, access to upcoming launches through a native sneaker release calendar and in-app reservation capabilities as well as in-store mode in the DICK'S app, which offers product scanning, access to ScoreCard offers and free shipping. Furthermore, our expansive database of our 150 million athletes is a tremendous asset that enables stronger, more personalized relationships with our athletes.

結合我們的商店，我們的數字體驗仍然是我們成功不可或缺的一部分，我們將繼續投資技術以加強我們運動員的全渠道體驗。最近的改進受到了我們運動員的歡迎，包括更容易獲得記分卡獎勵、通過原生運動鞋發布日曆和應用程序內預訂功能訪問即將推出的產品，以及 DICK'S 應用程序中提供產品掃描的店內模式，獲得 ScoreCard 優惠和免費送貨。此外，我們擁有 1.5 億運動員的龐大數據庫是一項巨大的資產，可以與我們的運動員建立更牢固、更個性化的關係。

We're also expanding our leadership position in the sports technology market through GameChanger, the premier video streaming, scoring and statistics mobile platform for youth sports. During Q1, GameChanger saw continued robust revenue growth and massive engagement increases. Nearly 2 million games were played on the -- were covered by the platform, up 25% over the same period last year, with over 1/4 of these games streamed live, a year-over-year increase of over 100%. We'll continue innovating and investing in our GameChanger business as we strengthen our relationships with our athletes on and off the field.

我們還通過 GameChanger 擴大了我們在體育技術市場的領導地位，GameChanger 是面向青少年體育的首要視頻流媒體、計分和統計移動平台。在第一季度，GameChanger 的收入持續強勁增長，參與度大幅提高。平台覆蓋近200萬場比賽，同比增長25%，其中直播比賽超過1/4，同比增長超過100%。我們將繼續創新並投資我們的 GameChanger 業務，同時加強我們與場內外運動員的關係。

We're also advancing new strategic concepts to connect with our athletes. Our value chain stores are enabling a great experience for our value-conscious athletes while also serving as a critical component of our inventory optimization strategy. They allow us to move clearance product out of the DICK'S stores, opening up space for more full-price selling. At the same time, they allow us to provide full size and color runs clearance product for our athletes. We've been really pleased with the athlete feedback as well as the margin recapture rates from these stores.

我們還在推進新的戰略概念，以與我們的運動員建立聯繫。我們的價值鏈商店為我們注重價值的運動員提供了良好的體驗，同時也是我們庫存優化策略的重要組成部分。它們使我們能夠將清倉產品移出 DICK'S 商店，為更多的全價銷售開闢空間。同時，它們使我們能夠為我們的運動員提供全尺寸和顏色的跑步許可產品。我們對運動員的反饋以及這些商店的利潤回收率感到非常滿意。

Next, within merchandising, we're curating a compelling and differentiated product assortment. As discussed on prior calls, footwear is a key pillar of our merchandising strategy. During the quarter, we converted nearly 20 additional stores to include premium full-service footwear. And by the end of the year, we'll take this experience to more than 75% of DICK'S chain. Our premium footwear decks have enabled us to expand our access to a wider assortment of differentiated product from key brand partners as well as new and emerging brands. We're confident that our ability to provide an elevated footwear experience will continue to foster strong engagement with our athletes as well as drive sales growth and robust margins.

接下來，在推銷方面，我們正在策劃一個引人注目的差異化產品分類。正如在之前的電話中所討論的那樣，鞋類是我們營銷策略的關鍵支柱。在本季度，我們轉換了近 20 家額外的商店，以包括優質的全方位服務鞋類。到今年年底，我們會將這種體驗推廣到 75% 以上的 DICK'S 連鎖店。我們的優質鞋類平台使我們能夠擴大我們從主要品牌合作夥伴以及新興品牌獲得更多種類差異化產品的機會。我們相信，我們提供優質鞋類體驗的能力將繼續促進與運動員的密切互動，並推動銷售增長和穩健的利潤率。

We remain committed to developing and investing in our vertical brands, which strongly resonate with our athletes. Our brands offer something for every athlete, including our DSG brand, which continues to play a pivotal role in our opening price point assortment.

我們仍然致力於開發和投資我們的垂直品牌，這些品牌引起了我們運動員的強烈共鳴。我們的品牌為每一位運動員提供一些東西，包括我們的 DSG 品牌，它繼續在我們的開價點分類中發揮關鍵作用。

We've also recently expanded our vertical brands into new product categories, including VRST and CALIA golf apparel as well as CALIA fitness accessories. The athlete response has been fantastic, and we're confident in our ability to continue growing our vertical brand portfolio.

我們最近還將我們的垂直品牌擴展到新的產品類別，包括 VRST 和 CALIA 高爾夫服裝以及 CALIA 健身配件。運動員反響非常好，我們對繼續發展垂直品牌組合的能力充滿信心。

Our third key priority is providing a best-in-class teammate experience. We strongly believe that highly engaged teammates are critical to a great athlete experience. Our culture is a key advantage, and we continue to be recognized by national media organizations and industry experts as a great place to work.

我們的第三個關鍵優先事項是提供一流的隊友體驗。我們堅信高度敬業的隊友對於出色的運動員體驗至關重要。我們的文化是一個關鍵優勢，我們繼續被國家媒體組織和行業專家認可為理想的工作場所。

At the same time, we're making investments in foundational elements of our in-store experience to enable greater efficiency and productivity, including a new point-of-sale system with a more seamless checkout process. We also recently implemented a new HR management system across our organization, which will unlock further efficiencies in our workforce management. We're confident these investments will amplify our team's ability to provide an enhanced level of service to our athletes while supporting our strong culture.

與此同時，我們正在對店內體驗的基礎要素進行投資，以提高效率和生產力，包括具有更無縫結賬流程的新銷售點系統。我們最近還在整個組織實施了新的人力資源管理系統，這將進一步提高我們勞動力管理的效率。我們相信這些投資將增強我們團隊的能力，為我們的運動員提供更高水平的服務，同時支持我們強大的文化。

Lastly, we're driving deep brand engagement. As we celebrate our company's 75th anniversary this year, we recently launched our Sports Change Lives campaign. Our objective with this work is to unequivocally communicate who we are and what we stand for. DICK'S believes in the positive impact that sports participation has on physical and mental health, academic achievement and more broadly the ability of sport to bring together and inspire communities and the next generation of athletes. The feedback has been very positive, and it's clear our message is resonating. We're excited to build on this energy as we launch the second iteration of this campaign early next month, focused on telling stories of how sports changed the lives of several well-known athletes.

最後，我們正在推動深度品牌參與。在今年慶祝公司成立 75 週年之際，我們最近發起了“運動改變生活”活動。我們這項工作的目標是明確傳達我們是誰以及我們代表什麼。 DICK'S 相信體育參與對身心健康、學業成績以及更廣泛的體育運動將社區和下一代運動員聚集在一起並激發他們的能力具有積極影響。反饋非常積極，很明顯我們的信息引起了共鳴。我們很高興能在這種能量的基礎上再接再厲，因為我們將在下個月初啟動這項活動的第二次迭代，重點是講述體育如何改變幾位知名運動員生活的故事。

In addition, as part of our 75for75 Sports Matter Grant Program, our foundation will fund 75 under-resourced youth sports organizations, each with a $75,000 grant to keep kids playing.

此外，作為我們 75for75 Sports Matter Grant Program 的一部分，我們的基金會將資助 75 個資源不足的青少年體育組織，每個組織將獲得 75,000 美元的資助，以維持孩子們的運動。

In closing, our strong Q1 performance is the direct result of our transformational journey. And we will continue to focus on athlete experience, differentiated product, teammate experience and brand engagement as the pillars of growth for our business. While the macroeconomic environment remains uncertain, we remain confident in our business and the strategies that will deliver sales and earnings growth this year and into the future.

最後，我們強勁的第一季度業績是我們轉型之旅的直接結果。我們將繼續關注運動員體驗、差異化產品、隊友體驗和品牌參與度，作為我們業務增長的支柱。儘管宏觀經濟環境仍然不確定，但我們對我們的業務和戰略充滿信心，這些戰略將在今年和未來實現銷售和盈利增長。

Before concluding, I'd like to thank all of our teammates across our company for their outstanding efforts and continued commitment to our business.

在結束之前，我要感謝我們公司的所有同事，感謝他們的傑出努力和對我們業務的持續承諾。

I'll now turn the call over to Navdeep to review our financial results and outlook in more detail.

我現在將電話轉給 Navdeep，以更詳細地審查我們的財務業績和前景。

Thank you, Lauren, and good morning, everyone. Let's begin with a brief review of our first quarter results.

謝謝勞倫，大家早上好。讓我們首先簡要回顧一下我們的第一季度業績。

We are very pleased to report a consolidated sales increase of 5.3% to $2.84 billion. Comp store sales increased 3.4%, driven by a 2.7% increase in transactions and a 0.7% increase in average ticket. Within our portfolio, our priority categories continued to perform very well, driven by our differentiated assortment across footwear, athletic apparel and team sports. The roughly 200 basis points of noncomp sales growth this quarter was driven by sales at our temporary warehouse locations and from our newly acquired Moosejaw business.

我們很高興地報告綜合銷售額增長 5.3% 至 28.4 億美元。在交易量增長 2.7% 和平均票價增長 0.7% 的推動下，Comp 商店的銷售額增長了 3.4%。在我們的產品組合中，我們的優先類別繼續表現出色，這得益於我們在鞋類、運動服裝和團隊運動方面的差異化分類。本季度約 200 個基點的非補償銷售額增長是由我們臨時倉庫地點的銷售和我們新收購的 Moosejaw 業務推動的。

Gross profit in the first quarter remained strong at $1.03 billion or 36.19% of net sales. This represented a modest 28 basis point year-over-year decline and represented a meaningful improvement versus fourth quarter results of 2022. As planned, this decline was driven by lower merchandise margin of 136 basis points due to the normalization of the pricing activity relative to Q1 of 2022 when our inventory was quite lean. This was nearly all offset by lower supply chain costs, which leveraged 108 basis points.

第一季度的毛利潤保持強勁，達到 10.3 億美元，占淨銷售額的 36.19%。這代表同比溫和下降 28 個基點，與 2022 年第四季度的結果相比有了顯著改善。按照計劃，這一下降是由於定價活動相對於2022 年第一季度，我們的庫存非常少。這幾乎全部被較低的供應鏈成本所抵消，後者利用了 108 個基點。

SG&A expenses were $693.9 million and deleveraged 162 basis points compared to last year. As expected, this deleverage was primarily driven by investments in our hourly wage rates, talent and technology to support our growth strategies. In addition, nearly 1/4 of this deleverage as a percentage of net sales was due to a net expense increase from the changes in the investment value of our deferred compensation plan, which is fully offset in other income.

SG&A 費用為 6.939 億美元，與去年相比去槓桿化了 162 個基點。正如預期的那樣，這種去槓桿化主要是由我們對小時工資率、人才和技術的投資推動的，以支持我們的增長戰略。此外，這種去槓桿化占淨銷售額的近 1/4 是由於我們遞延補償計劃的投資價值變化導致的淨費用增加，這在其他收入中完全抵消了。

Interest expense was $15 million, a decrease of $10.6 million compared to the same period last year. This decrease was primarily due to the inducement charges related to the exchange of our convertible senior notes we incurred in the prior year as well as interest expense savings this year from the retirement of these notes.

利息支出為1500萬美元，比去年同期減少1060萬美元。這一減少主要是由於我們在前一年發生的與交換我們的可轉換優先票據相關的誘導費用，以及今年這些票據的退役所節省的利息費用。

Other income totaled $17.7 million compared to the expense of $9 million in the same period last year. This $26.7 million increase in income was primarily driven by a $16.6 million increase in the interest income as a result of higher average interest rates on our cash and cash equivalents. Other income also included an expense reduction from changes in our deferred compensation plans, which fully offset the SG&A expense increase mentioned earlier.

其他收入總計 1770 萬美元，而去年同期的支出為 900 萬美元。這 2670 萬美元的收入增長主要是由於現金和現金等價物的平均利率較高導致利息收入增加 1660 萬美元。其他收入還包括因我們的遞延薪酬計劃變化而減少的費用，這完全抵消了前面提到的 SG&A 費用增加。

Driven by our strong sales and gross margin, along with lower interest expense and higher other income, EBT was $328.3 million, 11.55% of net sales. This compares to an EBT of $331.9 million or 12.29% of net sales in 2022.

在我們強勁的銷售額和毛利率以及較低的利息支出和較高的其他收入的推動下，EBT 為 3.283 億美元，占淨銷售額的 11.55%。相比之下，2022 年的 EBT 為 3.319 億美元，占淨銷售額的 12.29%。

Our Q1 tax rate was 7.2%, which was meaningfully lower than our typical quarterly tax rate driven by the favorable rate impact of the vesting of employee equity awards and exercises during the quarter. This favorably impacted our first quarter earnings by approximately $0.50 compared to the same period last year.

我們的第一季度稅率為 7.2%，明顯低於我們典型的季度稅率，這是由於本季度員工股權獎勵和行使的有利利率影響所推動的。與去年同期相比，這對我們第一季度的收益產生了約 0.50 美元的有利影響。

In total, we delivered earnings per diluted share of $3.40. This compares to a non-GAAP earnings per diluted share of $2.85 last year, an increase of 19%.

總的來說，我們實現了每股攤薄收益 3.40 美元。相比之下，去年非 GAAP 每股攤薄收益為 2.85 美元，增長了 19%。

Now looking to our balance sheet. We ended Q1 with approximately $1.6 billion of cash and cash equivalents and no borrowings on our $1.6 billion unsecured credit facility. Our quarter end inventory levels increased 7% compared to Q1 of last year. Our inventory is clean and well positioned.

現在看看我們的資產負債表。我們在第一季度結束時擁有大約 16 億美元的現金和現金等價物，並且我們的 16 億美元無擔保信貸額度沒有借款。與去年第一季度相比，我們的季度末庫存水平增加了 7%。我們的庫存乾淨且位置優越。

Turning to our first quarter capital allocation. Net capital expenditures were $61 million, and we paid $105 million in quarterly dividends. We also repurchased 418,000 shares of our stock for $57.7 million at an average price of approximately $138. Furthermore, we retired the remaining $59 million of outstanding convertible senior notes and related bond hedges and warrants for 1.7 million shares of our common stock. As of April 18, these notes have been fully retired.

轉向我們的第一季度資本配置。淨資本支出為 6100 萬美元，我們支付了 1.05 億美元的季度股息。我們還以大約 138 美元的平均價格以 5770 萬美元的價格回購了 418,000 股我們的股票。此外，我們還收回了剩餘的 5900 萬美元未償還可轉換優先票據和相關債券對沖以及 170 萬股普通股的認股權證。截至 4 月 18 日，這些票據已全部退役。

Now turning to our outlook for 2023. Assuming no material change in consumer spending behavior or in the macroeconomic environment, we are reaffirming our expectation for EPS and comp sales. We continue to expect earnings per diluted share to be in the range of $12.90 to $13.80, which includes approximately $0.20 coming from the 53rd week. At the midpoint, this represents 11% increase versus 2022 or up 9% on a 52-week comparable basis.

現在轉向我們對 2023 年的展望。假設消費者支出行為或宏觀經濟環境沒有發生重大變化，我們重申對每股收益和銷售額的預期。我們繼續預計每股攤薄收益將在 12.90 美元至 13.80 美元之間，其中包括來自第 53 週的約 0.20 美元。從中點來看，這比 2022 年增長了 11%，或者在 52 周可比基礎上增長了 9%。

We are also maintaining our comparable store sales expectation between flat and plus 2% and continue to expect comps to be stronger in the first half due to the improved inventory availability compared to last year. At the midpoint, EBT margin is expected to be approximately 11.6%. We continue to expect improvement in gross margin, which will sequentially improve throughout the year. We also continue to expect SG&A expenses to deleverage, primarily due to the investment in our long-term growth strategies.

我們還將我們的可比店面銷售額預期維持在持平和 2% 之間，並且由於與去年相比庫存可用性有所改善，我們繼續預計上半年的銷售額會更高。在中點，EBT 利潤率預計約為 11.6%。我們繼續預計毛利率將在全年持續改善。我們還繼續預計 SG&A 費用將去槓桿化，這主要是由於對我們長期增長戰略的投資。

Our earnings guidance is based on approximately 88 million average diluted shares outstanding and an effective tax rate of approximately 21% compared to a prior expectation of approximately 22%. In addition, we are maintaining our expectations for net capital expenditure to be between $500 million to $600 million for the year.

我們的收益指引基於約 8800 萬股平均攤薄流通股和約 21% 的有效稅率，而此前預期約為 22%。此外，我們維持對今年淨資本支出在 5 億至 6 億美元之間的預期。

Lastly, in March, we completed our acquisition of Moosejaw and are thrilled to welcome their passionate and dedicated team into DICK'S Sporting Goods family. Together, we are excited to serve the outdoor community through the collective strength of Public Lands and Moosejaw brands.

最後，在 3 月，我們完成了對 Moosejaw 的收購，並很高興地歡迎他們充滿激情和敬業精神的團隊加入 DICK'S Sporting Goods 大家庭。我們很高興通過 Public Lands 和 Moosejaw 品牌的集體力量為戶外社區服務。

For just over 10 months in 2023, we expect Moosejaw will add approximately $100 million in net sales. However, it will not impact our comp expectations. We have incorporated the impact of Moosejaw into our full year EPS outlook.

在 2023 年的短短 10 個月裡，我們預計 Moosejaw 的淨銷售額將增加約 1 億美元。但是，它不會影響我們的薪酬預期。我們已將 Moosejaw 的影響納入我們的全年每股收益展望。

In closing, we are very pleased with our Q1 results as we continue to implement our strategic initiatives to drive sales and profitable growth.

最後，我們對第一季度的業績感到非常滿意，因為我們將繼續實施我們的戰略計劃來推動銷售和利潤增長。

This concludes our prepared comments. Thank you for your interest in DICK'S Sporting Goods. Operator, you may now open the line for questions.

我們準備好的評論到此結束。感謝您對 DICK'S Sporting Goods 的關注。接線員，您現在可以打開問題熱線。

Operator, we're ready for questions.

接線員，我們準備好提問了。

(Operator Instructions) Our first question today goes to Simeon Gutman of Morgan Stanley.

（操作員說明）我們今天的第一個問題是摩根士丹利的 Simeon Gutman。

My first question is, I think, Navdeep, in your prepared remarks, you said if the macro or the consumer stays the same. Are you basing that on how the year started or how the current -- I guess, how the most recent trends look? Meaning has the consumer weakened at all and that's what you're basing? And then as part of this question, if sales are weaker, I wanted to talk about GM or gross margin and what's different in how you're managing it, how you're looking at markdowns and basically how GM behaves if sales are weaker.

我想，我的第一個問題是，Navdeep，在你準備好的發言中，你說過宏觀或消費者是否保持不變。你是基於今年是如何開始的，還是基於當前的——我想，最近的趨勢如何？意思是消費者完全減弱了，這就是你的依據？然後作為這個問題的一部分，如果銷售疲軟，我想談談通用汽車或毛利率，以及你管理它的方式有什麼不同，你如何看待降價以及通用汽車在銷售疲軟時的基本表現。

Simeon, I'll start off the question and turn it to Navdeep. But in terms of the macro environment, we are coming off of a Q1 that we're very, very excited about. We had a 3.4% comp, 5.3% total sales. And I think it's important to look at the breakdown of where those sales came from. We had really strong transaction growth, 2.7 points of transaction growth in there. We had ticket growth. We have more athletes purchasing from us, purchasing more frequently and spending more per trip. And I think very importantly, you have to look at each of our income demographics. And we saw growth across every single income demographic, from a lower-income consumer to an upper-income consumer. We did not see trade down from best to better or better to good.

Simeon，我將開始提問並將其轉給 Navdeep。但就宏觀環境而言，我們即將結束我們非常非常興奮的第一季度。我們有 3.4% 的補償，5.3% 的總銷售額。而且我認為重要的是要查看這些銷售來源的細分。我們的交易增長非常強勁，交易增長了 2.7 個百分點。我們有門票增長。我們有更多的運動員從我們這裡購買，購買頻率更高，每次旅行花費更多。而且我認為非常重要的是，您必須查看我們每個人的收入統計數據。我們看到每個收入人群都有增長，從低收入消費者到高收入消費者。我們沒有看到交易從最好到更好或更好到好。

Overall, we really feel very good about how our consumer is holding up. So Navdeep's remarks just indicated, barring some major macroeconomic change or major change in consumer, we're reaffirming our guidance, feeling really good about it. And I will turn it to Navdeep now on the gross margin question.

總的來說，我們對消費者的表現非常滿意。因此，Navdeep 的言論只是表明，除非宏觀經濟發生重大變化或消費者發生重大變化，否則我們重申我們的指導意見，對此感覺非常好。我現在將就毛利率問題將其轉交給 Navdeep。

Simeon, coming to the gross margin, I think we will first pivot to when you look at the diverse categories of the product that we carry in our stores and how well our assortment that we have in our stores is resonating with the athletes. We have reiterated our confidence that we believe that the merch margin will continue to improve as we go through the year. And we don't intend to lead with promotions, and we'll continue to watch the overall macro landscape very carefully. But we are confident in the outlook that we have provided for full year.

Simeon，談到毛利率，我認為我們首先會關注我們在商店中銷售的產品的不同類別，以及我們在商店中的分類與運動員產生共鳴的程度。我們重申了我們的信心，即我們相信商品利潤率將在我們度過這一年時繼續改善。而且我們不打算以促銷活動為先，我們將繼續非常仔細地觀察整體宏觀格局。但我們對我們提供的全年前景充滿信心。

Okay. My quick follow-up is on the sporting goods category broadly. Thinking of reversion, we've talked a lot about some of the big-ticket items, ones even that were COVID winners. Curious if there's any change in underlying unit consumption there or any other -- some of the COVID winning categories and how they're behaving.

好的。我的快速跟進廣泛涉及體育用品類別。考慮到回歸，我們已經談了很多關於一些大件物品的事情，甚至那些是 COVID 贏家。好奇那里或任何其他基礎單位消耗是否有任何變化——一些 COVID 獲獎類別以及它們的行為方式。

Yes, Simeon, I think the story for us is really about our core categories. So we saw strong growth in footwear, in team sports, in apparel throughout the quarter. Some of those COVID categories you talked about, maybe bikes or fitness, they are all -- while they have retrenched, they're well above where they were in 2019, golf included. And we think they have long-term growth. So we've been dealing with the pandemic quote/unquote -- pandemic surging categories for some time. Our core businesses are doing very well and driving our growth.

是的，Simeon，我認為我們的故事實際上是關於我們的核心類別。因此，我們在整個季度看到鞋類、團隊運動和服裝的強勁增長。你談到的一些 COVID 類別，也許是自行車或健身，它們都是——雖然它們已經縮減，但它們遠高於 2019 年的水平，包括高爾夫。我們認為他們有長期增長。因此，我們一直在處理流行病引用/取消引用——流行病激增的類別已有一段時間了。我們的核心業務表現良好，推動了我們的增長。

Simeon, I'll just add to what Lauren said. It is exactly in these categories that we are continuing to gain share. And so that's what gives us the confidence as we look at the long-term expectation of our business.

Simeon，我將補充一下 Lauren 所說的內容。正是在這些類別中，我們正在繼續獲得份額。因此，當我們審視業務的長期預期時，這就是讓我們充滿信心的原因。

Our next question comes from Adrienne Yih.

我們的下一個問題來自 Adrienne Yih。

Congratulations on a great start to the year. Lauren, my question is on the restocking cycle within wholesale and sort of new innovation, new brands coming to the forefront. Just wondering, obviously, inventory better in the first half. Is that suggestive that you've restocked kind of in categories that were under-inventoried and that perhaps the kind of outlook for the back half is a little bit more tempered?

祝賀今年開局良好。勞倫，我的問題是關於批發和某種新創新的補貨週期，新品牌走在前列。只是想知道，顯然，上半年的庫存更好。這是否表明您已經對庫存不足的類別進行了補貨，並且後半部分的前景可能有所緩和？

And then my second question is just, Navdeep, can you help us with the shaping of the comp and gross margin over the quarters? I'm assuming still nicely positive comp Q2, maybe flattish to negative in the back half but with significant gross margin expansion.

然後我的第二個問題是，Navdeep，你能幫助我們塑造這些季度的補償和毛利率嗎？我假設 comp Q2 仍然很好，後半部分可能持平到負數，但毛利率顯著增長。

Yes. Thanks, Adrienne. You're right, if you go back a year in time, we were really out of stock. Whole industry was out of stock. Supply chain disruptions had created an issue for the whole category. And so what's wonderful now is the supply chain is mostly flowing. We're feeling like product is coming in. Our spring assortment looked terrific. Our summer assortment, which is set now, looks absolutely terrific. And so we are -- that is helping obviously drive some of our growth, our sales growth.

是的。謝謝，艾德麗安。你是對的，如果你回到一年前，我們真的缺貨了。整個行業都缺貨了。供應鏈中斷給整個類別帶來了問題。所以現在很棒的是供應鏈大部分是流動的。我們感覺產品即將上市。我們的春季產品組合看起來棒極了。我們現在準備好的夏季系列看起來非常棒。所以我們 - 這顯然有助於推動我們的一些增長，我們的銷售增長。

I'll turn it to Navdeep, but you will see as we start to comp what was then the counteracting of the delayed inventory, the apparel that came in so late last year, you will see gross margin start to increase over the course of the year, and you'll see comps slightly declining, all of that just dealing with the base of the cycles that happened last year. Navdeep, what would you add?

我會把它交給 Navdeep，但你會看到當我們開始計算當時延遲庫存的抵消，去年這麼晚才出現的服裝，你會看到毛利率在整個過程中開始增加年，你會看到 comps 略有下降，所有這些都只是處理去年發生的周期的基礎。 Navdeep，你會添加什麼？

Adrienne, I'll build on what Lauren said. We expect the comps to be stronger in the first half of 2023. Like Lauren said, much better inventory availability and inventory position this year compared to last year. And if you don't mind, just to remind you all that the second half comp in last year for us was plus 6%. So we are up against really strong comps from the back half as we look to the 2023.

Adrienne，我將以 Lauren 所說的為基礎。我們預計 comps 將在 2023 年上半年更加強勁。正如勞倫所說，與去年相比，今年的庫存可用性和庫存狀況要好得多。如果你不介意的話，我只想提醒大家，去年下半年我們的收入是 6%。因此，當我們展望 2023 年時，我們將面對來自後半部分的非常強大的組合。

In terms of the merchandise margin, as we have reiterated, we expect merch margin to continue to improve and build as we go into the year, also driven by the freight expenses leverage that we are expecting that we capitalized from a balance sheet perspective.

在商品利潤率方面，正如我們重申的那樣，我們預計商品利潤率將在進入今年時繼續改善和增加，這也是受到我們預計從資產負債表角度資本化的運費槓桿的推動。

Okay. And the stores do look great.

好的。而且商店看起來確實很棒。

Thank you, Adrienne.

謝謝你，艾德麗安。

Thanks, Adrienne.

謝謝，艾德麗安。

Our next question comes from Robbie Ohmes from Bank of America.

我們的下一個問題來自美國銀行的 Robbie Ohmes。

Guys, a couple of things. I was hoping you could maybe talk about the comp trend through the quarter and if you guys feel like you saw some weather impact and if you'd be kind enough to give us any sort of thoughts on quarter-to-date trends.

伙計們，有幾件事。我希望你們能談談整個季度的競爭趨勢，如果你們覺得你們看到了一些天氣影響，如果你們願意給我們任何關於季度至今趨勢的想法。

I'll answer the first part of your question. Overall, the entire quarter was strong. We had growth in every single month. February was a very strong month. The weather was more in our favor. But across the board, we didn't see a major weather impact when you look at the whole quarter in total. We're not going to comment on quarter-to-date trends. Just too soon. Most of the quarter's ahead of us.

我會回答你問題的第一部分。總體而言，整個季度表現強勁。我們每個月都有增長。二月是一個非常強勁的月份。天氣對我們更有利。但總的來說，當你看整個季度時，我們並沒有看到重大的天氣影響。我們不會對季度至今的趨勢發表評論。只是太快了。本季度的大部分時間都在我們前面。

Got it. I had to try, Lauren. But -- and then my follow-up question is on the transaction's strength, I think, stands out. Was that led by digital versus stores?

知道了。我不得不嘗試，勞倫。但是——然後我的後續問題是交易的實力，我認為，脫穎而出。這是由數字與商店主導的嗎？

Actually, it's both, Robbie. We are seeing strong transaction growth in brick-and-mortar stores as well as online, something that we're very, very excited about.

事實上，兩者都是，羅比。我們看到實體店和在線商店的交易量都在強勁增長，這讓我們非常非常興奮。

That's great. And then the last one is a lot of people are talking about seeing this emerging resistance to big-ticket stuff. Is that something you didn't see? And I'm kind of asking in the context of you guys continue to elevate the assortment. Is there any -- is there not resistance to elevating the assortment? Or are you also augmenting with a lot of new introductions of lower price point?

那太棒了。然後最後一個是很多人都在談論看到這種對高價商品的新興抵制。那是你沒看到的東西嗎？在你們的背景下，我有點想繼續提升產品種類。有沒有 - 是否沒有阻力提升分類？或者您是否也在增加許多新推出的低價位產品？

Robbie, it's a great question. And consumers are opting to spend their money on whatever is important to them. So for example, we have brought in the upper echelon of soccer cleat and other equipment in our stores, and people are absolutely voting with those -- with their pocketbooks for those items.

羅比，這是一個很好的問題。消費者選擇把錢花在對他們來說重要的東西上。因此，例如，我們在我們的商店中引進了高級足球鞋和其他設備，人們絕對會用這些東西投票——用他們的錢包購買這些物品。

At the same time, we've got opening price point. We always have entry-level product. So we do not see a major resistance to big-ticket items. We just see that people are opting to invest in the things that are important to them, and health and wellness and team sports and being outside are part of those categories that are important to them.

同時，我們有開盤價。我們總是有入門級產品。因此，我們沒有看到對大件商品的主要抵制。我們只是看到人們選擇投資對他們來說很重要的事情，健康和保健以及團隊運動和戶外活動都是對他們很重要的類別的一部分。

Our next question comes from Warren Cheng from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Warren Cheng。

Just a follow-up on Simeon's question. I know your base case outlook that you just outlined is for merch margins to continue to improve throughout the year. But as we think about just the possible scenarios for how this year may play out, in a downside scenario where things get a lot more competitive, the environment gets a lot more competitive, more promotional over the summer or over the fall, how would you balance maintaining these merch margin gains you've achieved through COVID versus just keeping your foot on the gas and making sure that doesn't come at a cost of market share?

只是對 Simeon 問題的跟進。我知道您剛剛概述的基本情況展望是全年商品利潤率將繼續提高。但是當我們考慮今年可能發生的情況時，在競爭變得更加激烈的不利情況下，環境變得更加競爭，夏季或秋季的促銷活動更多，你會如何平衡維持您通過 COVID 獲得的這些商品利潤率收益與僅僅保持腳踏實地並確保這不會以市場份額為代價？

Yes. Warren, I would again reiterate what we have consistently said. First of all, it all goes back to having a very differentiated assortment, a differentiated assortment that is not only narrowly distributed but also is in really, really high demand when we look from the athletes. So it goes first and foremost to that.

是的。沃倫，我要再次重申我們一直以來所說的話。首先，這一切都可以追溯到非常差異化的分類，差異化的分類不僅分佈狹窄，而且當我們從運動員的角度來看時，需求確實非常高。因此，它首先也是最重要的。

The second thing I would again reiterate is that we will continue to have a balanced approach to what is right for the athlete as well as what is right for the company. We have always made the decisions that way, and we continue to believe that we will be able to act like that as we have guided today.

我要再次重申的第二件事是，我們將繼續採取平衡的方法來處理對運動員和公司都有利的事情。我們一直以這種方式做出決定，並且我們繼續相信，我們將能夠像今天所指導的那樣行事。

I would add one thing to your comments, Navdeep. Our value chain and warehouse stores are a really great tool for us to clear out the product, be able to bring in fresh product to the DICK'S store but also make more product size runs, color runs available to the value-conscious consumer. So we have a tool now that helps us manage through this significantly.

Navdeep，我會在您的評論中添加一件事。我們的價值鍊和倉庫商店是我們清理產品的一個非常好的工具，能夠將新鮮產品帶到 DICK'S 商店，同時也為註重價值的消費者提供更多的產品尺寸和顏色運行。所以我們現在有一個工具可以幫助我們顯著管理這一點。

That's really helpful. And then as my follow-up, I just wanted to ask about the new store components of the algorithm over the next few years. So you've given us some parameters around House of Sport. But how should we think about Public Lands and some of the outdoor or clearance concepts that you've been working on?

這真的很有幫助。然後作為我的後續行動，我只想問一下未來幾年算法的新商店組件。所以你給了我們一些關於體育之家的參數。但是我們應該如何考慮公共土地以及您一直在研究的一些戶外或間隙概念？

Yes. So as Lauren indicated in our prepared comments, our long-term growth will continue to come out of the House of Sport model that we are building. We are really, really optimistic about the 3 stores that we have operating and our expectation to open about 20 stores in the next couple of years and 75 to 100 doors over the next 5 years.

是的。因此，正如 Lauren 在我們準備好的評論中指出的那樣，我們的長期增長將繼續來自我們正在構建的 House of Sport 模型。我們對我們經營的 3 家商店非常、非常樂觀，我們期望在未來幾年內開設約 20 家商店，並在未來 5 年內開設 75 至 100 家門店。

Public Lands, I would say, it's still something that we are continuing to refine our learnings. And especially with the Moosejaw acquisition, we are looking back and saying how best do we serve that athlete. It's a $40 billion industry which is highly fragmented. So we see a long-term great growth opportunity there. We'll just continue to learn and test with the Public Lands concept.

公共土地，我想說，它仍然是我們正在繼續完善我們的學習的東西。特別是對於 Moosejaw 的收購，我們正在回顧並說明我們如何最好地為這位運動員服務。這是一個價值 400 億美元的行業，高度分散。所以我們在那裡看到了一個長期的巨大增長機會。我們將繼續學習和測試公共土地概念。

And I would add one other thing, which is you didn't ask for -- about Golf Galaxy Performance Center, but we'll also be growing those concepts.

我還要補充一件事，這是你沒有要求的——關於 Golf Galaxy Performance Center，但我們也會發展這些概念。

Our next question comes from Brian Nagel from Oppenheimer.

我們的下一個問題來自 Oppenheimer 的 Brian Nagel。

Nice quarter. Congratulations.

不錯的季度。恭喜。

Thank you.

謝謝。

Thank you.

謝謝。

So my questions -- and I guess I'm going to ask a couple of questions basically, just kind of level set here with what you're seeing versus maybe some of the noise that we -- that's been taking place within your broader space. But -- so as you look at the sector now, how do you view inventories? And I know this is a follow-up to some of the prior questions, but these inventories, it seems like DICK'S is managing them well. I mean is there an inventory issue beyond DICK's, something you have to -- give you worry about or you think about?

所以我的問題——我想我基本上要問幾個問題，只是在這裡設置了你所看到的與我們可能的一些噪音的水平——這一直在你更廣闊的空間內發生.但是——當你現在看這個行業時，你如何看待庫存？我知道這是對先前一些問題的後續行動，但這些庫存似乎 DICK'S 管理得很好。我的意思是，是否存在 DICK 以外的庫存問題，您必須擔心或考慮的問題？

And then secondly, just with regard to sales. Obviously, your sales performed quite well here. But are you seeing any signals whatsoever of kind of a moderation, that more discretionary-type area?

其次，就銷售而言。顯然，你們的銷售在這裡表現得很好。但是，您是否看到任何一種適度的信號，即更自由裁量的區域？

Great questions, Brian. So starting with inventories, we are managing our inventory well. Our inventory is clean. It's well positioned. And I think what's very important for -- to realize is that our inventory and our products now are very narrowly distributed. So we have more of a moat against any industry-level promotion that might have affected us in a -- time ago when there was just wide distribution of similar products. So we are not expecting to have -- to go into a major promotional cycle here. We're very proud and happy with the inventory levels that we have, and the assortment is a real asset here.

很好的問題，布賴恩。因此，從庫存開始，我們正在很好地管理我們的庫存。我們的庫存很乾淨。它的位置很好。而且我認為非常重要的是 - 要意識到我們的庫存和我們的產品現在分佈非常狹窄。因此，我們有更多的護城河來防止任何可能影響我們的行業級別的促銷活動 - 以前只是廣泛分佈類似產品。所以我們不期望 - 在這裡進入一個主要的促銷週期。我們對我們擁有的庫存水平感到非常自豪和滿意，而且分類是這裡的真正資產。

In terms of discretionary spending, I really -- we talk a lot about this, and I just want to clarify how we're looking at it. Discretionary spending means different things to different people. And if you are a runner or you want to be outside or you want to play golf or you have a kid and they play team sports, it's not really discretionary to need to replace that equipment. I mean those are choices that feel more like a necessity, and they're choices that people invest in. And so we are very -- we are optimistic going forward, and we're not seeing any moderation of what we would say discretionary spending that's impacting our business in a meaningful way.

在可自由支配支出方面，我真的——我們談論了很多，我只是想澄清一下我們是如何看待它的。可自由支配的支出對不同的人意味著不同的事情。如果你是一名跑步者，或者你想去戶外，或者你想打高爾夫球，或者你有一個孩子，他們參加團隊運動，那麼更換這些設備並不是真正的自由裁量權。我的意思是，這些選擇感覺更像是一種必需品，而且是人們投資的選擇。因此，我們非常 - 我們對未來持樂觀態度，我們沒有看到我們所說的可自由支配支出有任何緩和這正在以一種有意義的方式影響我們的業務。

Our next question comes from Kate McShane from Goldman Sachs.

我們的下一個問題來自高盛的 Kate McShane。

We wanted to ask about the Going, Going, Gone! strategy for the fiscal year. Could you remind us how many you plan to have opened this year maybe versus last year? What component is pop-up versus maybe more permanent? And is there a way to quantify how this concept impacts your merch margins versus maybe being more promotional in the store?

我們想問一下 Going, Going, Gone!財政年度戰略。你能提醒我們今年與去年相比你計劃開多少家酒店嗎？哪個組件是彈出式的，而不是更永久的？有沒有辦法量化這個概念如何影響您的商品利潤率，而不是在商店中進行更多促銷？

Kate, let me take the second part of the question first. So as we have said, we are really happy with the Going, Going, Gone! and the warehouse store strategy that we have had. We have perfected this work over the last 3 years now. What it has allowed us to do is to move more clearance inventory out of the DICK'S store into our Going, Going, Gone! channel. What it allows us to do is, one, get much better recovery rate on the clearance margin in the -- in this value chain store itself. In addition, you are able to replace that inventory that was in the DICK'S store with more regular-priced merchandise, which is bringing up the overall sales within the DICK'S store as well.

凱特，讓我先回答問題的第二部分。正如我們所說，我們對 Going, Going, Gone 真的很滿意！以及我們擁有的倉庫策略。在過去的 3 年裡，我們已經完善了這項工作。它使我們能夠做的是將更多清倉庫存從 DICK'S 商店轉移到我們的 Going, Going, Gone!渠道。它允許我們做的是，第一，在這個價值鏈商店本身的清倉保證金上獲得更好的回收率。此外，您可以用更多正價商品替換 DICK'S 商店中的庫存，這也提高了 DICK'S 商店的整體銷售額。

In terms of the store count itself, Going, Going, Gone!, we anticipate having -- end of quarter, we had 15 stores and warehouse plus -- or the warehouse stores were 40. And we are converting 10 of them, 10 of the warehouse locations into Going, Going, Gone! as part of the confidence that we have in those locations as part of the plan that we have laid out for CapEx guidance for this year.

就商店數量本身而言，Going，Going，Gone！，我們預計 - 在本季度末，我們有 15 家商店和倉庫 - 或者倉庫商店為 40 家。我們正在轉換其中的 10 家，其中 10 家倉庫位置進入 Going, Going, Gone!作為我們為今年的資本支出指南制定的計劃的一部分，我們對這些地點的信心的一部分。

Yes, Kate, I think the pop-up versus permanent is an ongoing part of the strategy because we are doing what we're calling try before we buy in terms of putting permanent locations. But we find we're able to flex these pop-up stores quickly and then shut them down if it's either the wrong location or we don't have a need for it. So the pop-up is a long-term part of the strategy.

是的，凱特，我認為彈出式商店與永久性商店是該戰略的持續組成部分，因為我們正在做我們所謂的在購買之前嘗試放置永久性地點。但我們發現我們能夠快速調整這些快閃店，然後在位置錯誤或我們不需要時將其關閉。所以彈出窗口是該策略的長期部分。

Our next question comes from Michael Lasser from UBS.

我們的下一個問題來自瑞銀集團的 Michael Lasser。

This is Isabel Thompson on for Michael Lasser. Maybe just to start, how much did the expansion of premium footwear along with attachments to those transactions contribute to the comp in the first quarter? And then when does this become less of a driver to the top line?

這是邁克爾·拉瑟的伊莎貝爾·湯普森。也許只是開始，高檔鞋類的擴張以及這些交易的附件對第一季度的收入有多大貢獻？那麼什麼時候這會減少對頂線的驅動力呢？

Isabel, I think I heard your last part of your question. But the premium footwear decks are a key part of our strategy. We will continue. And by the end of the year, we'll have 75% open. We don't get into specifically by category or transactions attributed to the category, but I will say footwear was a very solid -- very strong contributor to us over the course of the quarter.

伊莎貝爾，我想我聽到了你問題的最後一部分。但優質鞋類平台是我們戰略的關鍵部分。我們將繼續。到今年年底，我們將開放 75%。我們沒有具體按類別或歸因於該類別的交易進行分類，但我要說的是，在本季度的整個過程中，鞋類對我們來說是非常可靠的——非常強大的貢獻者。

We think footwear is the engine that drives the train. Footwear is a really important part of our entire assortment. And so we're not looking -- and looking at a time when footwear becomes less of a driver to top line sales, we just continue to try to elevate our assortment and our products for our athletes to come in.

我們認為鞋類是驅動火車的引擎。鞋類是我們整個產品系列中非常重要的一部分。因此，我們並沒有在尋找——在鞋類不再是頂級銷售驅動力的時代，我們只是繼續努力提升我們的產品種類和產品，讓我們的運動員參與進來。

Okay. And then maybe as a follow-up, we've heard from many other retailers about the weakness in discretionary category. Have you seen this in the business, especially into May? And what levers can DICK'S pull in order to address a more value-conscious consumer?

好的。然後也許作為後續行動，我們從許多其他零售商那裡聽說了非必需品類別的弱點。您是否在業務中看到過這種情況，尤其是進入 5 月？ DICK'S 可以利用什麼槓桿來滿足更具價值意識的消費者？

Yes. We won't be commenting on May quarter-to-date results. And as I mentioned, we haven't seen significant change, and we don't really consider many of our categories as discretionary as one might think because they are investments in living and health and wellness and active lifestyle.

是的。我們不會對 5 月季度至今的結果發表評論。正如我所提到的，我們沒有看到重大變化，我們並不真正認為我們的許多類別都像人們想像的那樣是自由裁量的，因為它們是對生活、健康、健康和積極生活方式的投資。

But we do have a lot of levers. We have a very broad portfolio. We have opening price point products. We have everything up to the enthusiast product. And we also have opening rec level products. So a value-conscious consumer between our DICK'S stores and our value chain stores has a lot of options.

但我們確實有很多槓桿。我們擁有非常廣泛的產品組合。我們有開價點產品。我們擁有發燒級產品的一切。我們也有 opening rec 級別的產品。因此，注重價值的消費者在我們的 DICK'S 商店和我們的價值鏈商店之間有很多選擇。

Our next question comes from Mike Baker from D.A. Davidson.

我們的下一個問題來自 D.A. 的 Mike Baker。戴維森。

Okay. Guys, so a couple of margin-related questions real quick. One, the 10 basis points reduction in your EBT guidance, is that a function of Moosejaw, which I presume is lower margin than your core business, so sort of mixing that down?

好的。伙計們，所以很快就會有幾個與保證金相關的問題。第一，您的 EBT 指導減少 10 個基點，這是 Moosejaw 的功能，我認為它的利潤率低於您的核心業務，所以有點混合？

And then related question. If EBT is 11.6%, can you help us with your expectation for interest expense and, as importantly, maybe more importantly, interest income and other such that we can understand what a reasonable, E-B-I-T, EBIT expectation is?

然後是相關問題。如果 EBT 為 11.6%，您能否幫助我們了解您對利息支出的預期，同樣重要的是，也許更重要的是，利息收入和其他我們可以理解合理的 E-B-I-T、EBIT 預期是什麼？

Mike, let me try and take all 3 of them. So yes, you are correct that the 10 basis points reduction in the EBT guidance for full year is because of the Moosejaw. It is slightly EBT-dilutive on a full year basis, and it will add about $100 million of top line sales in 2023.

邁克，讓我試著把他們三個都拿走。所以是的，你是正確的，全年 EBT 指導減少 10 個基點是因為 Moosejaw。它在全年基礎上略微稀釋了 EBT，並將在 2023 年增加約 1 億美元的營收。

In terms of the interest expense, we guided that the interest expense with the convert now out of our mix is going to be about $55 million on a full year basis.

在利息支出方面，我們指導現在轉換後的利息支出全年約為 5500 萬美元。

And interest income, I think, to me, that's a function of the cash on the balance sheet that we have and the interest rate that we are getting. I don't expect that to vary a lot quarter by quarter. The only thing that I would call out is if you -- in our prepared comments, we shared that there was an income -- there was an offset that we had in this quarter from the deferred comp, and that would be the onetime thing that if you're modeling you may want to take that off.

我認為，對我來說，利息收入是我們擁有的資產負債表上的現金和我們獲得的利率的函數。我預計每個季度的變化不會很大。我唯一要說的是，如果你——在我們準備好的評論中，我們分享了有收入——我們在本季度從遞延補償中獲得了抵消，那將是一次性的事情如果您正在建模，則可能需要將其取下。

Right. And so that -- you implied that was about 40 basis points or about $11 million. So don't assume that going forward, but I guess we can do our own math on interest income rate versus your cash. And so that should get your EBIT is what you're saying?

正確的。所以 - 你暗示那是大約 40 個基點或大約 1100 萬美元。所以不要假設未來會這樣，但我想我們可以自己計算利息收入與現金的關係。所以你說的應該是你的息稅前利潤？

Yes.

是的。

Our next question comes from John Kernan from TD Cowen.

我們的下一個問題來自 TD Cowen 的 John Kernan。

Wanted to go back to Nike and the relationship with Nike. The business scaled to $2.8 billion last year. I think it was up over 36% year-over-year. Can you talk to just the general level of allocations from Nike, inventory levels in the marketplace? I think there were some concerns that one of the footwear-focused peers is a bit over-inventoried at this point. So any comments on Nike and the relationship there and the integration of membership, how that's trending.

想回到耐克以及與耐克的關係。該業務去年規模擴大到 28 億美元。我認為它同比增長了 36% 以上。你能談談耐克的一般分配水平，市場庫存水平嗎？我認為有人擔心其中一位以鞋類為重點的同行在這一點上有點庫存過多。所以對耐克及其關係和會員整合的任何評論，都是如何發展的。

Thanks, John. Our Nike partnership, our Nike relationship is at an all-time high. We are having significant discussions, sharing consumer insights, sharing insights on products, sharing co-branded marketing. We are working on all aspects of the business together. And as we continue to build premium full-service footwear decks, that does enhance our allocation and our ability to provide premium products across Nike and all the brands actually. So we do not feel we have an over-inventory situation with that product at all.

謝謝，約翰。我們的耐克合作夥伴關係，我們的耐克關係處於歷史最高水平。我們正在進行重要的討論，分享消費者洞察，分享產品洞察，分享聯名營銷。我們正在共同處理業務的各個方面。隨著我們繼續構建優質的全方位服務鞋類平台，這確實增強了我們的配置和我們在耐克和所有品牌中提供優質產品的能力。因此，我們認為該產品根本沒有庫存過剩的情況。

In the Nike membership, we have over 1 million members. Very -- again, as you think about sharing strategic insights and partners, it's been a fantastic way for us to get insights into the consumer, and we continue to grow and also elevate the benefits of membership between the DICK'S and the Nike consumers.

在耐克會員中，我們有超過 100 萬會員。非常 - 再次，當你考慮分享戰略見解和合作夥伴時，這是我們深入了解消費者的絕佳方式，我們將繼續發展並提升 DICK'S 和耐克消費者之間的會員權益。

Understood. Navdeep, maybe one quick follow-up on SG&A and how to think about SG&A rates and dollars going forward given the pivot back to square footage growth in some of the emerging concepts like House of Sport, Public Lands and the Warehouse. How do we think about the leverage point on SG&A and the investment in dollars year-over-year? It looked like SG&A was up in the teens on a dollar basis in Q1. Curious how we should think about that for the remainder of the year.

明白了。 Navdeep，也許是對 SG&A 的快速跟進，以及如何考慮未來的 SG&A 費率和美元，因為在一些新興概念（如體育館、公共土地和倉庫）中轉向平方英尺增長。我們如何看待 SG&A 的槓桿點和同比投資？看起來 SG&A 在第一季度以美元為基礎上漲了十幾歲。好奇我們應該如何在今年餘下的時間裡考慮這一點。

Yes. John, as we have given in our prepared comments, we expect SG&A investments to deleverage for the full year because of the investments we are making in the hourly wage rates, as Lauren called out, the talent and technology improvements we are making, whether it is in the GameChanger platform or the investments we are making in our new POS system. So those are all the investments that are within the SG&A component. In addition, we also have the SG&A increase on a year-over-year basis because of the Moosejaw business. And in Q1, we had the deferred compensation unfavorable impact within Q1 as well.

是的。約翰，正如我們在準備好的評論中所給出的那樣，我們預計 SG&A 投資將在全年去槓桿化，因為我們正在對小時工資率進行投資，正如勞倫所說，我們正在進行的人才和技術改進，無論是在 GameChanger 平台或我們對新 POS 系統的投資中。所以這些都是 SG&A 部分內的所有投資。此外，由於 Moosejaw 業務，我們的 SG&A 也同比增長。在第一季度，我們在第一季度也受到了遞延補償的不利影響。

But we are -- I think the general question that you're asking is we are going to be very disciplined and very targeted with the investments that we are making on these SG&A because we believe these are the right investments we need to make to drive the long-term growth opportunity that we have ahead of us.

但是我們 - 我認為你問的一般問題是我們將對我們在這些 SG&A 上進行的投資非常有紀律和非常有針對性，因為我們相信這些是我們需要進行的正確投資以推動我們面前的長期增長機會。

Our next question comes from Paul Lejuez from Citi.

我們的下一個問題來自花旗銀行的 Paul Lejuez。

Curious if you could talk a little bit more about the footwear business and how footwear performed across your different price spectrums and if you saw anything change on that front as you moved throughout the quarter.

想知道您是否可以多談談鞋類業務以及鞋類在不同價格範圍內的表現，以及您是否在整個季度移動時看到這方面的任何變化。

And then second, just curious about your transaction versus ticket assumptions for the rest of the year that build up to your comp.

然後其次，只是好奇你的交易與今年剩餘時間的門票假設，這些假設會影響你的補償。

Thanks, Paul. We don't get into details about price points within a category, but across the board, footwear was a very strong performer for us. And we're very pleased with how that category is doing.

謝謝，保羅。我們不會詳細說明某個類別的價格點，但總體而言，鞋類對我們來說是一個非常強勁的表現。我們對該類別的表現感到非常滿意。

Transactions and ticket were very strong, as you know, leading into our 3.4% comp and we think will continue according to our guidance plans to meet that 0 to 2% for the full year. But we don't break down specifically our guidance for transaction and ticket.

如您所知，交易和門票非常強勁，導致我們達到 3.4% 的補償，我們認為將根據我們的指導計劃繼續實現全年 0 到 2% 的目標。但我們不會具體分解我們對交易和機票的指導。

Got it. Can you just maybe talk about categories that underperformed during the quarter?

知道了。您能否談談本季度表現不佳的類別？

So we had strength in our -- 3 of our core categories. So footwear, team sports and apparel. Those are 3 of our biggest categories. I wouldn't say anything "underperformed" because we've really met our expectations. Golf is resetting somewhat but still significantly under -- significantly over, excuse me, 2019 levels. But that was exactly what we expected, and we have a lot of confidence long term in the golf business. So there wasn't anything that significant that underperformed.

因此，我們在我們的 3 個核心類別中擁有實力。所以鞋類、團隊運動和服裝。這些是我們最大的 3 個類別。我不會說任何“表現不佳”，因為我們確實達到了預期。高爾夫有所重置，但仍明顯低於——抱歉，明顯高於 2019 年的水平。但這正是我們所期望的，而且我們對高爾夫業務的長期發展充滿信心。所以沒有什麼重要的表現不佳。

Our next question comes from Steven Forbes from Guggenheim.

我們的下一個問題來自古根海姆的史蒂文福布斯。

This is Anders Myhre on for Steven Forbes. Can you expand on the key offerings within the next-generation store format and provide some high-level commentary on how you envision the ROIC of this format compared to the House of Sport concept?

這是 Steven Forbes 的 Anders Myhre。您能否詳細介紹下一代商店格式中的主要產品，並提供一些高級評論，說明與 House of Sport 概念相比，您如何看待這種格式的 ROIC？

Yes. The next-generation 50K is a DICK's format that's really inspired by our House of Sport experience. So it's got elevated visual presentation, elevated product assortment, elevated service, experiences, things like an all-sport batting cage, different fitting room experience. And we're very, very excited about it. I'll turn it to Navdeep. It's way too soon to start talking about the ROI of this, but we're very optimistic. Navdeep?

是的。下一代 50K 是 DICK 的格式，真正受到我們的體育館體驗的啟發。因此，它具有更高的視覺呈現、更高的產品分類、更高的服務、體驗，比如全運動擊球籠、不同的試衣間體驗。我們對此非常非常興奮。我會把它交給 Navdeep。現在開始談論投資回報率還為時過早，但我們非常樂觀。導航深度？

Yes, I could add. I agree with you, Lauren. It's -- we are just a few weeks into the grand opening of the store, so it's very early to talk about the ROIC. But I will just build upon what Lauren said. We couldn't be more excited to be able to take the key learnings from our House of Sport format and bring that into a 50K format. So we are very excited about the opportunity that is ahead of us, and we are continuing to monitor this investment closely.

是的，我可以補充。我同意你的看法，勞倫。這是——我們距離商店盛大開業僅幾週時間，所以現在談論 ROIC 還為時過早。但我將僅以 Lauren 所說的為基礎。能夠從我們的體育館格式中吸取重要經驗並將其帶入 50K 格式，我們感到無比興奮。因此，我們對擺在我們面前的機會感到非常興奮，我們將繼續密切關注這項投資。

Understood. Look forward to seeing the new store format next week. And as a follow-up, now that the convertible notes have retired, how are you thinking about the optimal levels of gross debt and cash on hand moving forward?

明白了。期待下週看到新的商店模式。作為後續行動，既然可轉換票據已經退休，您如何考慮未來總債務和手頭現金的最佳水平？

So we feel the debt level that we have, which is both long-term debt that we have on the balance sheet, is the optimal level of the debt. And the cash, we will continue to be conservative and have the right amount of cash and maintain also our investment-grade rating. And then beyond that, we'll continue to look to invest aggressively into the business between the growth opportunity we have with House of Sport, the new 50K format as well as other growth drivers that we have talked about.

因此，我們認為我們擁有的債務水平，即資產負債表上的長期債務，是最佳債務水平。而現金，我們將繼續保持保守，持有適量的現金，並維持我們的投資級評級。除此之外，我們將繼續積極投資於我們與 House of Sport 的增長機會、新的 50K 格式以及我們談到的其他增長動力之間的業務。

Our next question comes from Chris Horvers from JPMorgan.

我們的下一個問題來自摩根大通的 Chris Horvers。

One question on the merchandise margin side. Do you expect it to improve sequentially over the year? So you start to lapse through some pretty big declines in the back half. Is it your expectation that merchandise margin will still be up on a year-over-year basis in '23?

關於商品保證金方面的一個問題。您預計它會在一年內連續改善嗎？所以你開始在後半段經歷一些相當大的下跌。您是否預計 23 年商品利潤率仍將同比增長？

Yes, Chris, this is Navdeep. Yes, our expectation is that our merchandise margin will be up both by the factor that you talked about, about the pricing action that we took in the second half of last year. We don't anticipate lapping those actions this year. In addition, we continue to believe that the freight expenses will be favorable compared to last year, which are capitalized and get released through the merch margin as well.

是的，克里斯，這是 Navdeep。是的，我們的預期是我們的商品利潤率將因您談到的因素以及我們在去年下半年採取的定價行動而上升。我們預計今年不會採取這些行動。此外，我們仍然相信，與去年相比，運費將是有利的，這些費用也被資本化並通過商品利潤率釋放。

So then as a follow-up, sort of the 36.2% gross margin in the first quarter here, there's always some seasonal variation based on the quarter. But as you think about the structural gross margin, does that -- so 2 parts, does that reflect a normalization of promotion back to 2019 in your view? And then, I guess, how much [doesn't] it reflect the potential freight savings normalization?

因此，作為後續行動，這裡第一季度的毛利率為 36.2%，總有一些基於季度的季節性變化。但是當你考慮結構性毛利率時，這是否 - 那麼 2 個部分，這是否反映了你認為促銷回到 2019 年的正常化？然後，我想，它有多少 [不] 反映了潛在的運費節省正常化？

So first of all, I think that we have moved past 2019. So we are looking much more on a year-over-year basis. And like you said, we did see, and as expected, normalization of the pricing relative to last year when the inventory was really lean. And that's the reason we saw this 136 basis points of merch margin decline.

所以首先，我認為我們已經過去了 2019 年。所以我們正在尋找比去年同期更多的東西。就像你說的，我們確實看到，正如預期的那樣，相對於去年庫存非常低的時候定價正常化。這就是我們看到商品利潤率下降 136 個基點的原因。

And the freight expenses and the supply chain expenses did leverage compared to last year, and that is driven by both the domestic freight, the fuel expenses as well as the international freight being more favorable compared to last year. And we expect these trends to continue as we go through the balance of the year.

與去年相比，運費和供應鏈費用確實起到了槓桿作用，這是由於國內運費、燃料費用以及國際運費都比去年更有利。我們預計這些趨勢將在今年餘下時間繼續下去。

I would just add one point. We're not talking about 2019, but I don't want it to be lost that our gross margin has structurally improved from a pre-pandemic world. And so we're -- this is not about a normalization of promotion, not at all. We have a different gross margin structure than we did before.

我只想補充一點。我們不是在談論 2019 年，但我不想讓我們的毛利率從大流行前的世界結構性改善中消失。所以我們 - 這與晉升正常化無關，根本不是。我們的毛利率結構與以前不同。

Right. So just to clarify on the freight side, I mean freight turns with the inventory generally, and so you have not experienced the full benefit of freight normalization inside 1Q. There should be more.

正確的。因此，在運費方面澄清一下，我的意思是運費通常隨庫存而變化，因此您還沒有在第一季度內體驗到運費正常化的全部好處。應該有更多。

No. It will continue to build as we go through the balance of the year.

不會。它會在我們度過這一年的餘下時間時繼續建造。

Our next question comes from Justin Kleber from Baird.

我們的下一個問題來自 Baird 的 Justin Kleber。

Just on the second half revenue outlook, [I know the 10] locations are not included in comp, but how have you factored in the lap of the apparel clearance from last year into your guide? And just remind us if you experienced any traffic or sales benefit in the core DICK'S banner last year as you were addressing some of the apparel inventory overage.

就下半年的收入前景而言，[我知道這 10 個] 地點未包含在補償中，但您如何將去年服裝清倉的一圈因素納入您的指南？如果您去年在解決一些服裝庫存過剩問題時在核心 DICK'S 橫幅中體驗到任何流量或銷售優勢，請提醒我們。

So in terms of the guidance that we have provided, we are confident about the comp expectation that we have given here from 0 to 2%. That includes the -- kind of the anticipated benefit that you are calling about the clearance action that we undertook last year.

因此，就我們提供的指導而言，我們對我們在這裡給出的 0 到 2% 的補償預期充滿信心。這包括 - 您所說的關於我們去年採取的清理行動的預期收益。

In terms of the -- we couldn't have been more pleased with the results that we have delivered here in Q1 with a plus 2.7% transaction growth and a 3.4% comp growth. Clearance was not a major factor in Q1. Our inventory was pretty clean at the end of 2022, and we continue to feel really optimistic about our inventory on hand at the end of Q1.

就-我們對第一季度在這裡交付的結果感到非常滿意，交易增長 2.7%，補償增長 3.4%。清倉不是第一季度的主要因素。到 2022 年底，我們的庫存非常乾淨，我們繼續對第一季度末的手頭庫存感到非常樂觀。

Got it. If I just follow up quickly, Navdeep, on the delta between revenue growth and comp, do we expect that to remain somewhat similar throughout the balance of this year? Does it build as you start to add obviously new stores? How do we think about that, what looks like about a 1.9% gap in the first quarter excluding the extra week obviously in 4Q?

知道了。如果我只是快速跟進，Navdeep，關於收入增長和 comp 之間的增量，我們是否期望在今年餘下時間保持某種相似？當您開始明顯增加新商店時，它會建立嗎？我們如何看待這一點，第一季度似乎有 1.9% 的差距，顯然不包括第四季度的額外一周？

Yes. That's a good point, yes. So the 53rd week, so if you exclude the 53rd week, you would see that the Moosejaw benefit was only a partial quarter of the benefit we saw in Q1. So that will be, if you put it on a CAGR -- or sorry, total sales growth of $100 million, so that will sequentially build.

是的。這是一個很好的觀點，是的。所以第 53 週，如果你排除第 53 週，你會看到 Moosejaw 的收益只是我們在第一季度看到的收益的四分之一。所以，如果你把它放在復合年增長率上——或者抱歉，總銷售額增長 1 億美元，那麼這將依次增加。

And then the other piece, which is the warehouse locations, those will depend on the number of stores that we have in our base. Right now, we feel that the inventory is clean and well positioned. So we'll continue to monitor that expectation as we go through the balance of the year.

然後是另一部分，即倉庫位置，這將取決於我們基地中的商店數量。現在，我們覺得庫存很乾淨，位置也很好。因此，我們將在今年餘下的時間裡繼續監測這一預期。

I would just add, Justin, that there is a spread. You've called it out, almost 200 basis points spread. And given the fact that we have Moosejaw now, that we have value chain concepts that are going to pop-up and not in the comp base, the fact that we're returning to square footage growth, the fact that we have GameChanger in there, like that spread is a meaningful amount, and it's something to note going forward.

賈斯汀，我只想補充一點，那就是價差。你已經大聲疾呼了，價差將近 200 個基點。考慮到我們現在有 Moosejaw，我們有價值鏈概念將彈出而不是在競爭基礎中，事實上我們正在恢復平方英尺增長，事實上我們在那裡有 GameChanger ，就像這個價差是一個有意義的數額，這是未來需要注意的事情。

Our next question comes from Chuck Grom from Gordon Haskett.

我們的下一個問題來自 Gordon Haskett 的 Chuck Grom。

Nice results. I was wondering if there's any comment on regional performance throughout the quarter and if there was an impact from weather, particularly in businesses such as golf.

不錯的結果。我想知道是否對整個季度的區域表現有任何評論，以及天氣是否有影響，特別是在高爾夫等行業。

So we do not -- we cannot attribute a weather impact and we've tried onto our Q1 business. So overall, there was no impact -- meaningful impact on the business. That said, week by week, category by category, certainly there was some weather -- extreme weather in the quarter. But on the course of the quarter or over the course of the quarter, it balanced out. So nothing to report there.

所以我們沒有 - 我們不能歸因於天氣影響，我們已經嘗試過我們的第一季度業務。所以總的來說，沒有影響 - 對業務產生有意義的影響。也就是說，逐週、逐個類別，肯定有一些天氣——本季度的極端天氣。但在本季度或整個季度的過程中，它平衡了。所以沒有什麼可報告的。

Okay. And regional, is there any difference across the country?

好的。還有地域性，全國有區別嗎？

Only as the weather moved across the country. I mean no, everybody was impacted by weather in Q1 at different times.

只有當天氣在全國移動時。我的意思是不，每個人都在不同時間受到第一季度天氣的影響。

Nothing significant, Chuck, I would say. If it had been, we would have called it out.

沒有什麼重要的，查克，我會說。如果是的話，我們就會大聲疾呼。

Okay. Okay. Fair enough. And then just like bigger picture, you called out the 25 million ScoreCard members, which is a great number. But you also called out 150 million total athletes in the database. I guess how do you guys go about proactively trying to reach back to those former customers and get them back into the loop?

好的。好的。很公平。然後就像更大的圖景一樣，你召集了 2500 萬記分卡會員，這是一個很大的數字。但是您還在數據庫中調出了 1.5 億名運動員。我想你們是如何主動嘗試聯繫那些以前的客戶並讓他們回到循環中的？

That's a great question, Chuck. That is a major priority of our marketing group, is to get athletes who may have lapsed to come back into the fold. And we use personalization. We're very much focused on that particular area where we want to have people re-up. We also have kept our retention levels of the database high even as we brought on so many new athletes. I think we had 16 million new athletes in the last 2 years and 1 million this quarter. And our retention rates have stayed high. But we have an amazing database and an ability to go back and retarget and increasing personalization to be able to do that in a way that drives them to act.

這是一個很好的問題，查克。這是我們營銷團隊的一個主要優先事項，就是讓可能已經離開的運動員重返賽場。我們使用個性化。我們非常專注於我們希望讓人們重新振作起來的特定領域。即使我們引進瞭如此多的新運動員，我們也保持了數據庫的高保留水平。我認為過去兩年我們有 1600 萬新運動員，本季度有 100 萬。我們的保留率一直很高。但是我們有一個驚人的數據庫，並且有能力返回並重新定位並增加個性化，從而能夠以一種促使他們採取行動的方式做到這一點。

Our next question comes from Seth Basham from Wedbush Securities.

我們的下一個問題來自 Wedbush Securities 的 Seth Basham。

I have a gross margin follow-up question just in terms of occupancy cost and the impact on gross margin this quarter. And how are you thinking about occupancy cost dollars growth through the balance of the year?

關於入住成本和本季度對毛利率的影響，我有一個毛利率後續問題。您如何看待今年餘下時間的入住成本美元增長？

Seth, this is Navdeep. The occupancy cost leveraged modestly, but nothing major to call out. And we -- occupancy cost is relatively fixed, so we will see that as a function of the top line sales expectation.

賽斯，這是 Navdeep。入住成本的槓桿作用不大，但沒什麼大不了的。而且我們 - 入住成本相對固定，因此我們將其視為頂線銷售預期的函數。

And then to follow up on the supply chain costs, 108 basis points of leverage this quarter. Did I hear you right that you expect that to improve, meaning more leverage for the balance of the year?

然後跟進供應鏈成本，本季度槓桿108個基點。我沒聽錯嗎，您希望這種情況會有所改善，這意味著今年餘下時間會有更多的槓桿作用？

Yes. We expect the overall freight and supply chain costs to continue to improve as we go through the year. And some of this cost gets capitalized into cost of goods sold. So it will be -- between the 2 lines, on a total gross profit basis, we expect our merch margin and our gross profit to continue to improve as we go through the year.

是的。我們預計今年整體運費和供應鏈成本將繼續改善。並且其中一些成本被資本化為銷售商品的成本。因此，在兩條線之間，在總毛利潤的基礎上，我們預計我們的商品利潤率和毛利潤將在今年繼續改善。

Final question comes from Daniel Imbro from Stephens.

最後一個問題來自 Stephens 的 Daniel Imbro。

A lot of mine have been asked, but a couple of follow-ups on the top line. One, within the core DICK'S stores, Lauren, you mentioned success with the footwear decks. I'm curious if we exit this year with 75% of those done, I guess what is the next initiative or kind of what's the next growth driver you see within the store and place for investment to drive that next leg of comps in the core DICK'S store?

我的很多問題都被問到了，但在最上面有幾個後續問題。第一，在核心 DICK'S 商店中，勞倫，你提到了鞋類甲板的成功。我很好奇我們今年是否完成了 75%，我想下一個舉措是什麼，或者您在商店中看到的下一個增長動力是什麼，以及投資以推動核心業務的下一個階段迪克的商店？

Yes. I think the thing to point out here is just our focus on new concepts and real estate growth. So between our House of Sport, the 75 to 100, and the remodeling of our 50K and where we'll go with that, we constantly are prioritizing categories that are hot. And there's many across the entire chain. It's not just a footwear story at all. So yes, we're very excited about our growth going forward.

是的。我認為這裡要指出的只是我們對新概念和房地產增長的關注。因此，在我們的運動之家、75 到 100 和我們的 50K 的改造以及我們將要進行的地方之間，我們不斷地優先考慮熱門類別。整個鏈條上有很多。這根本不僅僅是一個鞋類故事。所以是的，我們對未來的增長感到非常興奮。

Okay. And then we dovetail into the second one about unit growth. Navdeep, in the slides, you talked about an opportunity to grow into outdoors. I think it's a $40 billion market. It sounds like a lot of the growth is going to be House of Sport on the unit side. But should we think about as you've grown the outdoor that's going to be more of a new unit-driven growth algorithm? Or is it going to be more adding outdoor categories to your existing boxes that you have?

好的。然後我們與第二個關於單位增長的問題相吻合。 Navdeep，在幻燈片中，你談到了在戶外成長的機會。我認為這是一個 400 億美元的市場。聽起來很多增長將來自單位方面的House of Sport。但是我們是否應該考慮一下，當您在室外種植更多的是一種新的單位驅動的增長算法時？還是會在您現有的盒子中添加更多戶外類別？

I think it will be a combination of both. We see opportunities both within the DICK'S Sporting Goods store itself to be able to continue to be relevant to the outdoor enthusiasts. But we feel between the Moosejaw, which is an omnichannel business, as well as our Public Lands, which is also an omnichannel business, we see opportunity there to resonate even better with the outdoor athlete. So both those opportunities are great as we think about the long-term prospects in that outdoor category.

我認為這將是兩者的結合。我們在 DICK'S Sporting Goods 商店內部看到了繼續與戶外運動愛好者相關的機會。但我們覺得，在全渠道業務的 Moosejaw 和同樣是全渠道業務的 Public Lands 之間，我們看到了與戶外運動員產生更好共鳴的機會。因此，當我們考慮戶外類別的長期前景時，這兩個機會都是很好的。

That was the last question. I'll now hand back to Lauren Hobart, CEO and President, for any closing comments.

這是最後一個問題。我現在將交還給首席執行官兼總裁勞倫霍巴特，聽取任何結束評論。

Thank you all for your interest in DICK'S Sporting Goods, and we will see you at the end of next quarter. Thanks.

感謝大家對 DICK'S Sporting Goods 的關注，我們下個季度末再見。謝謝。

This now concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。